Russia: Digital Ruble Could Mitigate Sanction Risk

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StakeHound has teamed with DASH NEXT and Dash Core Group to provide those who use DASH with access to decentralized finance (DeFi) applications while accruing staking rewards, according to an announcement. The collaboration between StakeHound and DASH seeks to make and market a stakedDASH coin that “will become an essential bridge between DASH and Ethereum DeFi ecosystems,” according to the announcement, and which will be accessible on StakeHound to those who own DASH later in 2020. It will let DASH holders “generate additional yield through major DeFi applications while at the same time continuing to receive stable staking rewards,” according to the announcement.

In other news, the Bank of Russia says that a digital ruble could assist in decreasing the reliance of the country’s economy on the U.S. dollar, CoinDesk reported. As a result, the move could assist in assuaging the risk of international sanctions. However, CoinDesk notes that U.S. sanctions can encompass prohibitions on operations with cryptocurrencies. The bank claims that a digital ruble could make digital payments less expensive, increase the ease of international payments and relax the pressure on current payment systems. Earlier this month, The Bank of Russia had released a report on a potential rollout of the digital ruble.

The Financial Crimes Enforcement Network (FinCEN) has instituted a $60 million civil money fine against the primary operator, administrator and founder of two digital currency “tumblers” or “mixers” for contravening the Bank Secrecy Act and its implementing rules, according to a Monday (Oct. 19) announcement. As it stands, the individual is being prosecuted in a U.S. District Court for the District of Columbia. The network worked closely on the action with the Internal Revenue Service Criminal Investigation division, the Federal Bureau of Investigation, the U.S. Attorney’s Office for the District of Columbia and the U.S. Department of Justice’s Computer Crimes and Intellectual Property Section.



The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

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